Stock market ends down by 381 points on selling pressure

KARACHI: The stock market ended down by 381 points on Friday owing to selling pressure on the last trading of the week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 34,190 points as against 34,571 points showing a decline of 381 points.

Analysts at Arif Habib Limited said that the market was opened on a negative note with -45 points and continued the down trend, which ended -381 points and merely around 20 million shares by the end of first session.

Second session contributed an additional 30M shares to end the total volume traded with 51M shares. Fertilizer, O&GMCs, Cement, Banks and E&P sector came down during the trading session. Chemical Sector led the volumes with 9.3M shares, followed by Cement 7.4 million shares.
Among scrips, LOTCHEM registered highest volume with 6.9 million shares, followed by DCR 6 million shares.

Sectors contributing to the performance include Banks (-90 points), Fertilizer (-67 points), E&P (-63 points), Cement (-37 points) and Power (-36 points).

Volumes declined to 51 million shares from 112 million shares (-54 percent DoD). Average traded value also declined by 58 percent to reach US$ 11.8 million as against US$ 28 million.

Stocks that contributed significantly to the volumes include LOTCHEM, DCR, MLCF, TRG and UNITY, which formed 40 percent of total volumes.

Stocks that contributed positively include INDU (+9 points), NESTLE (+5 points), MEBL (+5 points), NATF (+4 points) and LOTCHEM (+3 points). Stocks that contributed negatively include HBL (-32 points), POL (-29 points), MCB (-28 points), ENGRO (-22 points) and FFC (-20 points)

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